Sonoco Products Company filed a Form 8-K on November 9, 2026, disclosing the planned retirement of President and CEO R. Howard Coker effective December 31, 2026, the appointment of Ernest D. Haynes III as his successor, and a retention award for Chief Financial Officer Paul Joachimczyk.

Key Highlights

  • CEO retirement: R. Howard Coker notified the company of his decision to retire as Director, President and Chief Executive Officer, effective December 31, 2026.
  • Successor named: Ernest D. Haynes III, age 53, was appointed President and Chief Executive Officer and as a director of the company, beginning on the same effective date.
  • Haynes compensation: The incoming CEO is entitled to an annual base salary of $1,100,004 and an annual bonus target equal to 120% of his annual base salary.
  • Equity awards: Haynes will be eligible for annual awards of restricted stock units and performance contingent stock units with an anticipated approximate target level of $6,000,000, with the first grant expected in February 2027.
  • CFO retention award: Paul Joachimczyk received a retention award of $1,500,000 in restricted stock units, cliff vesting on the second anniversary of the grant date, subject to continued service.
  • Long tenure: Haynes joined the company in 1997 and most recently served as President, Global Consumer Packaging, a role he assumed in August 2026.

Sonoco CEO Transition: Coker Out, Haynes In at Year-End 2026

According to the filing, R. Howard Coker notified Sonoco Products Company (NYSE:SON) on November 6, 2026 of his decision to retire as Director, President and Chief Executive Officer, with the retirement taking effect December 31, 2026. The Board of Directors accepted Mr. Coker's notice of retirement and, as part of its "ongoing succession planning process," appointed Ernest D. Haynes III to assume the President and CEO role and join the Board on the same date.

The filing details that Haynes, age 53, has been with the company since 1997, holding a range of progressively senior roles. These included Division Vice President and General Manager of Tubes and Cores, U.S. and Canada, from 2015 to 2018; Division Vice President and General Manager of Rigid Paper and Containers, North America, from 2018 to 2021; Vice President, Rigid Paper Containers, North America, from 2021 to 2022; President, Sonoco Metal Packaging Division, from 2022 to 2025; President, Consumer Packaging, Americas, from November 2025 to August 2026; and President, Global Consumer Packaging, beginning August 2026. The filing notes he holds a bachelor's degree in industrial engineering from Clemson University and is a graduate of the Wharton School's Executive General Management Program. Haynes will serve on the Executive Committee of the Board.

Separately, the filing discloses that the Executive Compensation Committee approved a retention award for Chief Financial Officer Paul Joachimczyk on November 6, 2026. The award, valued at $1,500,000 in restricted stock units, cliff vests on the second anniversary of the grant date, subject to Mr. Joachimczyk's continued service with the company. The filing also states that Haynes will continue to participate in the company's Change-in-Control Plan and Executive Officer Severance Plan in his new role.

What Was Disclosed

Sonoco Products Company disclosed the retirement of its current CEO effective December 31, 2026, the appointment of a 29-year company veteran as successor, the incoming CEO's compensation terms, and a $1,500,000 restricted stock unit retention award for the CFO.